Ross Stores (ROST) 22 Aug 192019 Q2 Earnings call transcript

Good afternoon and welcome to the Ross Stores Second Quarter 2019 Earnings Release Conference Call. The call will begin with prepared comments by management, followed by a question-and-answer session. [Operator Instructions].

Before we get started, on behalf of Ross Stores, I would like to note that the comments made on this call will contain forward-looking statements regarding expectations about future growth and financial results, including sales and earnings forecasts, new store openings and other matters that are based on the company's current forecast of aspects of its future business.

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from historical performance or current expectations.

SEC. in XX-K release XX-Q and on with included fiscal the and are file Form XXXX fiscal the factors today's and press Company's X-Ks Risk XXXX Form

over Now, to I'd turn like the Barbara Chief Executive to Rentler, Officer. call

afternoon. Good

call Group me Marquette, Kao, Hartshorn, Group Officer; Vice Vice and Connie President and President, are President Joining today Michael Relations. Chief and our Operating Officer; Investor on Senior Travis Chief Financial

outlook today call happy performance, with a the our fiscal of and quarter our any to questions be our review followed you second year. by may begin for to we'll half second have. We'll Afterwards, respond

$X.XX, As today's year. Net from were in second gains for year. $X.XX $XXX delivered respectable earnings the $XXX from million, prior in were both quarter. the Earnings noted for million up release, and share in earnings press last sales per up we period the

last store of billion. X% Total on X% to sales $X of strongest second increased for sales rose quarter year's Comparable quarterly the top X%. comparison

For top quarter, the were was Southeast Ross Midwest and merchandise men’s, the performing the department the markets. while second performing at best

While showed important the some during the business quarter. to trends area in improvement continued the chain, Ladies this trail

that lead the we believe we to continue improvements here move will actions We taking to through are year. the the of as additional balance

expected margin reverse in than was favorable half. expected, are better expenses of that to XX.X% timing the Operating mainly due of to second

were earnings half earnings share first $XXX XXXX, For in were from fiscal up $X.XX, from XXXX. the million, million $X.XX of first months six year. $XXX per up last Net of the

of year. X% versus billion with the $X.X store a first rose up for X% sales year-to-date to Sales X% gain last half comparable

period. Average X% support over year. a inventories up the little to at were end XX%. the up ended earlier the selling was of compared of as the year's to the consolidated receipts we inventories XX% we were second total back-to-school inventories total period As in-store prior last Packaway quarter, X% flowed

dd's operating had both another sales and DISCOUNTS growth strong in profit. quarter of

opening program, Turning in new to expansion our and Ross store the the dd's locations we on X second quarter. schedule of XX with remained DISCOUNTS

to We XXX of approximately adding locations dd's. XX a in comprised and Ross of XX continue XXXX, project total

do about older to our these stores. plans not XX reflect or relocate numbers close usual, As

Travis further on and details our second Now, quarter our Marquette half provide will color guidance. results on second

you, Thank Barbara.

As previously per was that favorable benefit timing earnings are the the benefited to in our mentioned, to $X.XX reverse second quarter share. of approximately from expenses expected second earnings half. results This worth

Now, details turning to the QX of results. our

release, announcement for we our given and the tariff the including guidance apparel sourced on half from As noted updated have today's China, earnings footwear. press second recent in of XX% goods

merchandise is on of tariffs. projected the included based in and additional of categories Our present timing impact understanding our the these

Our sales second the unchanged. remains for half forecast

to for compared the be by this earnings X%. ago. store sales for to forecast X% to to continue the of forecasted per the year line $X.XX We with sales of If to a same the grow projection, year quarter range balance were third perform to $X.XX in $X.XX share in

which projected prior a of favorable one-time are $X.XX matter. $X.XX share to the fourth versus tax per the For be $X.XX the resolution included benefit earnings share in year, from $X.XX quarter, to of per a

our will third operating Now, assumptions provide statement I for some quarter EPS.

– to sales X%. projected Projected Sales total to X% grow are

Ross new open to and dd's XX We the XX stores during expect locations. period, XX including

in from merchandise gross to be line sales This guidance. of deleveraging margin if the in compared is XX.X%. XX.X% expectations with and for last our some along XX.X% pressure range margin on projected comparable expenses year's on reflects to tariffs occupancy our Operating forecast to perform with other

$X.X about interest income net of expect We million.

million. expected diluted outstanding be shares average approximately are about weighted tax projected to to be Our and XXX is rate XX%,

earnings project half XXXX, which first our in mentioned $X.XX. fiscal compared now the full in share benefit the $X.XX per range per of included guidance, second we previously $X.XX $X.XX to on to of Based to for results the year be and one-time half share

I'll closing for to comments. Now, the Barbara back turn call

Travis. mentioned quarter respectable year. delivered I strongest earlier, To we comparison for the from comparable of earnings and growth top sum up, on you, Thank sales quarterly as second our last sales

While our we've have in apparel in to Ladies a assortments made area. satisfied go we're strengthening business, way important progress the we still until this with

also season, customers throughout right products that have into are we'll merchandising store, priced sharply move so as Ladies in to expect. brands we work our come the on and we fall delivering the As our the initiatives entire and as

believe result like disruptions uncertainty off-price. apparel and in additional footwear We increased tariffs this have benefited Historically, the in the may market.

most always, our stores. the compelling As our values continue customers our be possible throughout to offering focus will

point, up respond At to and any you to might open questions this the like have. we'd call

[Operator Instructions].

question first from Matthew the Your Morgan. comes line of from Boss J.P.

a quarter. congrats on nice Thanks. And

anything year half where of spoke exceed store to maybe you you that back potentially business, do So, to ability the same X% for the and the with front the half improvement or sales for of half in guidance see to relative sequential the comparisons the you constraining see back the ladies the outperform? given year X% your easing to opportunities comp top in

multi-year think about is strong Matt, strengthening, up QX. we and were way first, in to back continued of Hartshorn. against that, in it back uncertainty. top the QX there's hi, half, part the it’s going thought smaller Michael comparisons of be half. The On business ladies both the a With we we

a going the the in QX, – be we to of tariffs Given promotional. store top cause in more could the half. or uncertainty back we And of on performance expect department are bit it that, think

beat always conservative to point it. view like be we and is our hope So, of to

maybe Barbara, off-price And I the your the term, customer tariffs then about in of to guess maybe in picture, versus impact in just the larger best think potential the follow-up to how view? Great. sector intermediate near-term to

leader in we're all Well, the think we of what not is in follower. the near the term, do recognize this, to we’re I have that

of leader we're be So, in terms prices. not going to raising the

comes is in see the to us it's plan terms So, what in costs, of retailers know on, pricing manage to them. tariff to the for through going early the front as of and ultimately how customer

studying that we're business. So,

and inflation. higher to So, we're costs, the going pricing, then have customers' reaction on price and potential to wait their approach retailers see how the react to really to

in So, near-term, and it's a wait the see.

We then have to of puts kind watch they're see not because that doing pricing. clearly where leader what we're and on us the

for In understand XXXX defined markets. mean to intermediate there's it it is some until to I the given being the to difficult. we guess, I particularly until – would term part I be think historically – customer, changing – pricing think opportunity intermediate, as, But store and of what in challenges I an department going us we think ahead understand have is some near supply business the the going will as

And said, as in that, going the we we're while possible. and pricing wait see most going so, that with the to this because fit we're is thing, I we hold our on see on, again. is And values order best to all and of going again, and where customers offer important the our

so, think and it. I lot moving study targets need going I we of And to a to so think here, there's be

That's of Best great color. luck.

Thank you.

from Hutchinson Bank comes of America. next question from Your Lorraine

Thank you. Good afternoon.

as your about And Just on can you is to into affected? product you of proportion there are talk look tariffs, what for then, any follow-up the XXXX? mitigation opportunities

most a footwear percentage competitive portion apparel our from We for Sure, That retailers, reasons. as the disclose said, specific good don't China. of comes Lorraine. with and

us, it of favorably, September best we So, $X.XX the approach estimate shot terms EPS that's in we so to with we plays – separating but of out more what estimate for commentary, but our added our prudent best as December. in in a and that in our hope best this make think in point back impact, from goes this at out said, a effect the And was certainly half, mitigation, is at the or mentioned into point it $X.XX time. took potential

We'll beneficial have consumer well disruptions been higher have as on said, the see, as to off-price. Barbara their That to prices. to approach this increases pricing, costs, like how how react retailers would mentioned, for as different the historically, to react in wait

you. Thank

next Mark from question Baird. Altschwager Your comes from

and Great. margin of on a for of could just Thanks terms in hoping my Good you more half, question. that back gross able of to level you're margin QX the perhaps over some margin, Was afternoon. in color Thank if taking drivers be tariffs if merch merch the freight just helpful. give the quantify from would you. then pressure distribution, bit you expect

included On disclose piece, margin in the but $X.XX margin wouldn't margin. largely we that is guidance merchandise impact, merch the the we

And me just then, more detail. little a provide bit let

increased for to cost rose Buying expenses points. general freight deleverage points largely each last the increased period, goods basis merchandise X XX Selling costs XX were due of of Higher and points expenses distribution by flat and So, points. basis margin XX quarter that basis costs and costs. sold XX basis wage basis administrative points year. lower offset occupancy of were versus the higher during

Thank And best luck. of you.

Thank you.

from Your next question Stanley. Morgan from Greenberger Kimberly comes

thank still little obviously growing quarter. here explore more. second is I Great, in you. to SG&A Wage wanted bit a the

change us If back helpful. of will half order to of would of here look as any on growth wage you be the year? that that headwind SG&A sort could give And QX, the in magnitude to we the out

to quarter. QX, was cost have the you second on that – said the of I out shift cost do And you SG&A benefit – think $X.XX the

if us that's QX, could helpful. to you the If dollars expected color come just and Thanks. in that benefiting any or QX on give would be QX SG&A

wages may you across the to we year last increased as $XX. Kimberly, recall, board

just normal growth, When $XX guided the own the in states the wage are now year, increase SG&A X%. leverage minimum to for we our entered at year anniversarying we quarter. California, second like in increases the wage the So, despite that we and

to able offset So, we've costs. been those

of $X.XX terms in all the In that SG&A. wasn't timing,

gross as versus original the was guidance, that benefit year. margin. wouldn't we versus our specific. that's of And $X.XX And break a last out timing not Some reminder,

so much for Thanks that. Okay.

Sure.

Saad comes question ISI. Omar Your from Evercore next from

little about to of more my issues related category and internal I still that you of a for talk trends you some know execution taking trends? can external Thanks factors Could women's that it's or there. improved think kind you the environment but or fashion the Is address? question. lingering external bit, issues apparel

to would lower hearing this about into year on some we're material guys. your freight if Thanks. that's the also of to and rates year, next I And love get you thoughts

I'll freight. start the with

as points expected the of our much out and played that deleverage has What basis XX back we freight it half. QX, us, in XX at in for further was deleverage year. in beginning the we guidance point abate assumes generally, saw QX, the will So, basis

And trends, isn't women's externally, any ladies pertains major big the apparel. trend apparel there driving as to it one

our But I ladies issues our execution issues, own our first to assortments in that's related normal thing. think with really the standards. for our that, apparel below

made we've to in like like we've the we progress. the business feel I some through those on we issues, feel feel said So, year working goes improve. my as the continue as will before And Still been comments, trailing we that chain. like

Thanks.

Credit question comes next from Michael Binetti from Suisse. Your

guys. Thanks. on Hey, Thanks nice Congrats taking here. all our a questions for quarter.

Just, Michael, a on near term. question the comments on your

we stepping maybe looking mentioned back-to-school, half. set store your color a trends I think in and up. make you the And whether comment days. planning strategy the I in you're given on for landscape little at have flowed about you Maybe and just a see lately you early then, some inventory could that your competitive more color business follow-up. back the what promotions think for, hunch department did on successful you some seems expect you And that how that that you're a the observing

based comment Sure, would the earnings at do And performance. their trends comments Michael. on on We QX. department of really kind of end my this that on point. wouldn't is inter-quarter the at stores We

that So, of they – the value promotional they on off-price QX. comps more that below could their into margins obviously plus were which and certainly continue top and gross the were performers, suggest

maybe get this seeing market and opening Okay. hate color Is a lower tariffs and, given I'm most but questions, year. the And we're that more basic up? seeing asking on available. it rush seeing surprised I little in why? Are to in inventories importantly, new you're brands, little things maybe the before you you product the categories the what was packaway a better year-over-year excite

to going XQ. I'm inventory So, we build number on any that thoughts into your wondering are that? total if plan – includes Maybe see

very across is supply, of is most terms It in classifications plentiful. business. So, broad of supply

of those of packaway, of see of buy the the and in the goods. that level terms way terms the the merchants packaway timing, they In product, fluctuates it the pricing

average And so, in to XXs range, still the is decision. it's merchants but the make which that for pretty have us,

will continue goes as goods. additional So, the on, to there season see the

continues it we're feel to the more term. once anticipating opportunities be And and the right that very being the those liquid if that advantage fourth take the as be The promotional in value you would departments store to a at business, of ready there difficult, right and would shorter expect quarter. it's supply it we're price merchants

So…

Got a And best it. of lot. Thanks luck.

Your Sachs. Alex Goldman Walvis next from from question comes

morning. evening, Good for Good question. rather. the Thanks

question traffic that I you breakdown where basket. you the is out with and comp between of help first The us whether can had the are

of Second anything up follow there? the inventory is – else talk earlier? drivers question on slightly a for inventory reason inventory in-store Can going of flow the in-store the Is the the the you to was about there that all decision growth. higher receipts or on

This is Travis.

basket the higher size just X% was was quarter. by for the the the driven In higher AUR of was higher and basket. in per an units traffic driven average slightly by terms the The increase transaction. of bit down a of comp components sales,

And at of within year, was so a function of and early, our beginning receipts strategic. that the was it flowing on inventory, the plan

so I from? Thanks much. and continued Great. coming business where is has you working men's for One some been Can what's the time. follow-up, about there may. talk The strong strength if

strategy the I a on. business have done good we Sure. good executing solid is because of have job is men's the say the probably reason very merchants a would that

execution has very strategy. again, our there as level has of consistent. So, And been the

particular driving there's So, thing one not really that's it.

Appreciate you. color. all thank the Great,

Hofkin next Blair. Daniel question William from Your comes from

Good afternoon.

apologize quick bit. a I questions. a little Just couple I of And missed

given did and flow as the you to – already it little no a gross if just a then, And SG&A margin, – Thanks. bit by little bit so, beyond of And worries. the that. already just just – color additional region relates you've affect I expenses. if category So, about it, you talked timing curious, haven't sort was if a how some But both the was was answered timing gross that have that? main roughly ones, and if of had it inventory that, margin? was you of much

it happened end inventory just of at on the flow, quarter. the Dan, the

offset we QX expense not benefit with the the into So, for that was strong That basis little impact were on a that did than quarter up no, that to But lower the somewhat that it an XX went able effect Margin we points. impacted was have June. was tariffs margins. by in control. saw in

mentioned the Southwest the Florida the strongest and in commentary, were chain Midwest chain, our while color Of and geographic a of the terms In major the Southeast and region, as California other regions. we bit better our markets, were than below and were Texas average. slightly

terms also strong. of category strongest men's was children's categories, we and the pretty merchandise In was mentioned

luck. Okay, great. of much. Best you very Thank

Your Davidson. from next from comes question D.A. John Morris

particularly you're benchmarking us a nice bit you're on and maybe Congratulations you. what a and color pleased on with little more you quarter how well. give progress as dd's the that Thank you're Barbara, it? of there can sort and making

questions. us housekeeping little sense kind about related might the plan. I'm bit of end a is, But about give inventory at in in line, where of can assuming. other we two the kind QX inventory be sales? of quick to you Same And One growth, a of then, talked

of event freight I would it us kind just with answer of or just kind flow how know about somebody Those annual I'm continuous contracts, We've a don't is kind understand freight. thing? one. through. It a an when you're a helps of And lot you should terms, negotiating that or Thanks. it curious. It's not, is of just if quick this talked kind

Sure.

have earlier levels. year. we this us, So, We freight, inventory don't on we annual forward-looking And through that renewals. guidance gone already to did our for those, give go through on

at some good point. we visibility So, this have pretty

we've I competitive specific other it we growth four-wall strong a more for dd's to dd's, don't both that reasons, sales profits. in before, as pertains And as to Ross. said and than margins had to similar say than But get has profit that, really

thanks. Great,

from Deutsche from comes question next Trussell Your Paul Bank.

afternoon. performance new and of the what seeing store Good you to both hear Ross on dd's curious terms side. are in I'm

Travis. Yeah, this is

and new pretty an of are comp. performance But, new a consistent pretty of quarter-to-quarter our little is the the depending store bit on with consistent. located. stores It XX% Our average performance between where XX% averages historical is fluctuates overall,

Thank in thoughts curious picture, there any sort bigger a you And just just the if years you. just look around as – is of e-commerce ahead.

high now, e-commerce, On has of not the this the without on we've sales e-commerce. think at our view in moderate just the e-commerce many Over benchmarks changed. comp off-price years we've and business, We are sustainable. retail not end economics posted done

what profitable view on of than we proven ourselves very rather to what's distracted we'd – So, us. in focus is proven rather unsustainable front business, by being opportunity be

you. congratulations And on Thank recent promotions.

Paul. you, Thank

Your from Boruchow Ike next Fargo. comes question from Wells

Hey, afternoon. good

think this is just curious, spend, guided the right on year. to number? million $XXX Just you CapEx still I the that I'm guys it

think then, I'm out trying next just there's I understand maybe to the be into embedded And year. of CapEx build what a should rate DC run new in there.

some it, to there on Any or something seeing at sure And on already maybe our not Thank you're kind supply in for of if you. to next models I'm chain color margin whoever then, answer mind point? be should that we wants should year. pressure that? keep some

I'll the next the capital, couple Travis expect cover years we open. on So, to would the but DCs, DC. let

we So, not XXXX. impact we move any into would of expect new as that DC

related cetera. still In million terms a of is to total $XXX center et distribution it hasn't About spend around expecting capital of third to this year. build-outs, spend, changed. We're that

think of of capital spending we've couple elevated be we to going past, total said for forward, expect years. a I terms again, In the in

Thanks.

question next Sole Jay from from comes Your UBS.

from impact it is other cutting headwind sort is mitigation with impact the tariffs. question Great. of is? like there have offset net about meaning of Or factors? is that being number, actual Thank just Is or $X.XX $X.XX $X.XX is what the cost $X.XX tariff of I a a the you. a

belts with from this, We on don't expanded can were could that at what on those question, point, June. Tranche reduction. We in XX% our categories with like tariff Yeah, cost this with we started hope we year tariffs. to impact on the margin tariffs mitigate X so, that out be. obviously, impact more XX% home, could to which plays estimate and margin the on favorably in $X.XX With this cosmetics offset tightening I is think – mainly it And this. the best able That accessories. had was again, impacts our But, cost.

Right. if those wanted apparel, they're of and auto not a in category like apparel experience like is, or And some then, what's opportunities and categories slow there's other to a Barbara, customer I kind you categories does as categories or some that in your in parts food or things how bit they're the interplay and footwear? more between the looking ask at of the pet to those used the coming – some How like supplies pet store, to and supplies of little food seeing maybe if store? business also do and in more did change toys categories parts is auto and traditional apparel they're the to buy if and newer

right? see time they to it ladies, I likes shops thinking So, likes it touch the were store the going the Well, go month. times feel, that store. they last I buy more customer customer at to to ladies think in this treasure three today, and a and Average do something come things I customer new didn't see enhances I and the than and and because to ladies I'm look in, in likes something hunt, the

hunt something with make again So, having adding again, her The challenge And treasure new we new. things back and make think continually to exciting. customer – enjoys products. the exciting come is it's new to keep the

you. it. Thank Got

next comes Kernan John Your question from from Cowen.

for everybody. Good Thanks question. taking afternoon, my

Good afternoon.

some you. you within of resale? Then There's about any talk growth stealing about emerging industry a quick effects talking that Do think executives competitive long-term competitive about you one any chatter channel the recently. of threat? I Can some of from that seen from any they're have is it threat share that Have this type been been the off-price. that? Thank follow-up. you There's

long I stores, concepts, different against would the types term, say, and well. department retail over specialty competed brands, of many have extremely we've done stores, with –

competitive So, we see it long-term don't a threat. as

like little it. Got the maybe about then, about you more And talk become in performance? talk your just performance competitive a category general the specific Thank recently. you home? can of has bit you. feels Can It

with Home business. with continue fully along for the long-term obviously, the Sure. opportunity part a chain, still it's, satisfied products. a to assortment see never the line quarter wide But we're We growth this our of performance because in performed with any of chain.

competitive expand the wouldn't and of we like business. But reasons, for grow to continue about talk So, that would to I that. more specifics

you. Thank

Janine comes question Stichter from from Jefferies. next Your

Hi.

how Just the think purposes. had flow through we modeling you. there a flows through in in through just on December? versus tariffs major tariffs comes what any for about quick variation should the of September Is which follow-up in terms and Thank

say Because the haven't hard it's to than half have the guidance. embedded this other quarter into point, $X.XX guidance fourth given back at we we

you and – in doesn't the if start the the I September. than would tranche. think tranche think that industry, it at in the And look shoes September if say of I there's the you apparel December more till at looked I

add color that. I'd to the that's So,

Great, thank you.

Your Loop Capital. next question Champine comes from from Laura

getting by my significant $X.XX looking mechanics that taking you at such year-ago question. from just impact wondering you'd you've China. period to buy, of a from It's to for whether open Thanks the tariffs. Since calculated got bought what the about I'm

our business. remember Well,

to sourced at a is that of from say is point. hard business import. where It happen thought in the weeks directly over was that of apparel There and several goods majority announced in the – it's going majority just shoes the What I is, business know ago we what's our this there said, markets. close-outs. would So, our our procure is of was is to originally small That we China. the portion

the normally have have we of our plan lot close-out the would for look receipt a in left if remainder what So, we of to buy year-over-year, year. you at

competitors? extensively, would potentially use so would of And beyond it because your packaway inflation the you any when impact of tariff-related horizon some hit that delay time inventory have

Certainly a us. for benefit

it. Got Thank you.

question comes Dana Advisory Telsey from next Your Group from Telsey

afternoon, everyone. Good

you much there in as the and how expense shifts timing in you think about each quarter? should fourth in As about on, is anything particular that that third And quarter the go think went the shifted from what year? second half? marketing Thank the how what the changes you. quarter to lastly, doing? or of back the for half thinking the you're you're And back of you're spending Any just in

In terms of guidance. reiterate the $X.XX the difference original that So, into timing, back to I just timing guidance flows want our our versus that is half

And that so, between QX. break out wouldn't and we QX

support is marketing really trend. great business, bargains can help can that frankly, our assortments, On support our message marketing, what been store. If help The We we fashions. years business for over best marketing think, the we hasn't apparel values in strategy but very that the has and our marketing in changed offer us. great the and drives and consistent is have message home then

you. Thank

partners. Your next MKM question comes from Meyer Roxanne from

And taking two on mix Good my thanks pricing. about wondering it things. you. AUR, slightly down ask to was Thank or question. if afternoon. for One I wanted

you if then, the change the are best going inventory Thanks so if mix, availability, product. to or desire year to between And far and wondering secondly, have good, opportunity in better the you I'm change and of context your your mix this plentiful looking lot. so a just forward,

by mix sell-through within driven change In the in terms of of decline primarily the was categories. AUR,

advantage out the whatever changing mix, there. X for we that's the take how there possible think our In the of and to are I the good, out to availability of best be purchases best. and to of go don't what we're values going our customer, deals are purchase we see better amount We the to want terms best We go say, be in deals to and and it. the and

can might it merchants that bottom-up value the It's on much on really you top-down it. It's way based the more they of buying the they are the think. based So, as out not deals, deliver. as see

a Thanks lot. Okay, great.

question last comes from your Citi. Lejuez from And Paul

Hey. Thanks, guys.

chain. something Just going said average. always below to think back it's still below ladies apparel, the the guess, be to I performing has you I

give that the any couple that comp piece underperformed. that trying of of sense a that has how changed? there on last you ex is So, from the Just business quarters the color and can over to ladies it drag has get

the this talking second, XQ. in specific that talking as talked if we're getting around. talking buckets? just is the about timing bit or maybe you could expenses timing what's quarter, first the same shift then, And out more that about of And pushed we Are keep you different out SG&A little well. I'm are be curious about moving If about we expense a

Yeah, Paul.

So, we then, make to year, impacts. like sure we that the with always you start how through year as move the guidance. update And we on

those weren't that expenses. same we instance, $X.XX the And So, through but full-year. the for for quarter, of $X.XX end second of types the no, the above were high of range, the flowed to we only

We we may delayed or later – that have projects until in the may on timing delay year. projects differences make things be that quarterly decisions

in the we're guidance. So, out all that's calling

specifics terms ladies of of of comp, that terms In we get into providing specifics – wouldn't in

against though, say What were but X%, a we from against on – up up to we're we X% obviously, a comp, I went would the X%.

the So, on across basis, there acceleration division. multi-year a was

Got it. of you can Ross? And is issue the remind a well then just as just or us, ladies dd's that issue

Ross. Just

Thanks. you. Good Got luck, guys.

closing turn remarks. the to call now for Barbara will back Rentler over I

us joining great your day. and interest for Ross you today Have Stores. for a Thank in

concludes conference This today's call.

may You disconnect. now